Bitcoin Dominance Rises as BTC Hits a Weekly High Above $64K: Market Watch

ChloeAugust 18, 20262 min read

Bitcoin’s rather modest price revival that began yesterday continued earlier this morning as the asset climbed to $64,500 for the first time in just over a week.

Although it was stopped there, its daily performance is slightly more impressive than most altcoins, which is why its dominance over them has gradually increased.

BTC Dominance Jumps

The primary cryptocurrency began the previous business week on the wrong foot and was not really able to correct it. At the time, it traded above $65,000 before the bears stepped up and pushed it south to under $64,000. The two subsequent rebound attempts were halted at $64,400, and the following leg downs were quite painful. Especially the second one, which culminated on Friday, with a nosedive to a 10-day low of $62,500.

The bulls finally reemerged after this decline, but not in their full force. They helped bitcoin reclaim some ground to around $63,000, but lacked the power to push it further. The weekend was extremely stagnant as BTC spent it in a very tight range at around $63,000.

It dipped again on Monday to $62,650, but reacted better in the following hours. It quickly jumped to $63,600, where it faced some resistance but resumed its local run in the evening and earlier this morning. The peak came at $64,550, which was the highest level since the previous Monday’s drop.

Although it was stopped there, it remains above $64,000 as of press time. Moreover, its dominance over the alts is up by almost 0.5% in just a day to 57.2% on CG, while its market cap has neared $1.290 trillion.

Sluggish Alts

Most alts have failed to produce any large moves over the past day. ETH is slightly below $1,900, while XRP continues to fight for the $1.00 support despite the growing whale activity. SOL, TRX, HYPE, and LINK are with minor gains.

In contrast, CC has dropped by over 4%, while XLM is down by 3%. RAIN, XMR, ZEC, and DOGE are also slightly in the red. The biggest daily gains come from VVV (17%) and HASH (11%).

The total crypto market cap has added around $20 billion in a day and is up to $2.260 trillion on CG.